The storage of compressed materials in underground salt caverns is a new concept to many in eastern Canada. However, it is standard operating procedure in other parts of the world. So, let’s explore how these salt caverns work and what makes them special. Because the Fischells Salt Dome being developed by Triple Point is very special indeed.

There are two main varieties of salt formations: bedded and domal. Bedded formations are inconsistent in thickness and shape, contain deformities that affect stability and are not highly compressed. Domal formations – or salt domes – exist under a dome of highly stable bedrock, which applies an opposing force to the natural tendency of salt to rise toward the surface.

The Fischell’s Salt Dome is a gulf-style formation, a rare and very high quality geological structure that is typically found much further south, in the Gulf of Mexico and southern United States. Gulf-style domes are massive in size and the Fischell’s dome is larger than most, measuring roughly 5 km square by 2 km deep.

The deposits in a gulf-style salt dome exist under extremely high pressure, which compresses the salt until it is as dense and impermeable as bedrock.

However, unlike bedrock, the salt can be mined and removed relatively easily, by drilling a narrow well – 40 cm or 16″ wide – deep into the salt formation, followed by the injection of fresh water into the hole. This process, called solution mining, softens and dissolves the salt, which is then pumped out of the well, followed by the injection of additional water, and so on. In a process that could take up to two years, we will create a cavern that is 1300 metres deep and 80 metres wide.

The surrounding walls of the salt cavern are highly compressed and impermeable, making it ideal for the storage of various materials under very high pressure. In the near term, we plan to inject compressed, cooled air into the cavern. When power is required on the provincial grid during peak demand periods, this pressurized air can be released into an industrial turbine connected to a generator. In other words, our salt dome can help ensure stability of electricity supply for residents of Newfoundland and Labrador.

Over the longer term, the dome will be key to development of the wind-powered green hydrogen industry, because alternative sources of green energy will be required for those occasions when winds are too high or stop altogether. Hydrogen can be stored in salt caverns to use as a backup fuel source during these periods of inadequate wind supply.

Our salt dome is so large, there is sufficient capacity within the salt deposit to create another 30 caverns, each measuring 1300 metres deep by 80 metres wide. Which means the development potential of the Fischells Salt Dome is virtually unlimited.

As the world advances toward the clean energy transition, it is imperative that we recognize the unique properties of salt caverns as safe and secure storage locations. By carefully identifying and developing the right salt caverns, we can unlock the full potential of compressed air and green hydrogen as clean and sustainable energy solutions, ushering in a brighter and greener future for generations to come.

For more information about the Fischells Salt Dome and/or partnerships and development opportunities please contact the Triple Point team at info@triplepoint.ca

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Vancouver, British Columbia – December 14, 2023 – Triple Point Resources Ltd. (the “Company”) announces that at its 2023 annual general meeting held on December 14, 2023, all resolutions put to the shareholders were passed. A total of 25,863,509 common shares were voted, representing 25.75% of total shares issued and outstanding as of the record date.

AGM Results

  • The number of directors of the Company was set at four (4) and shareholders approved the re-election of the following directors:
Nominee Percentages of Votes For Percentage of Votes Withheld
Julie Lemieux 71.65% 28.35%
John Anderson 73.33% 26.67%
Fraser Edison 63.05% 36.95%
Josee Tremblay 93.00% 7.00%

 

  • Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, were re-appointed as auditors of the Company for the ensuing year and the directors have been authorized to fix their remuneration. 84.21% of the votes were in favour of this resolution and 15.79% of the votes were withheld.
  • The Company’s Stock Option Plan, which is a 10% “rolling” plan, was approved. 81.92% of the votes were in favour of this resolution and 18.08% of the votes were withheld.

At the meeting, certain persons in attendance requested that the meeting be adjourned until January 31, 2024 in order to permit additional nominees to be proposed for election as directors.  The Chairman of the meeting denied the request for an adjournment. The Company’s articles require that specified advance notice of director nominations be provided in order for such nominations to be valid, and further provide that no adjournment will commence a new time period for the giving of such notice.  Consequently, the business of the meeting was conducted as outlined in the notice of meeting dated November 9, 2023, with the results noted above, notwithstanding that the persons requesting the adjournment improperly purported to replace the Chairman and adjourn the meeting, contrary to the Company’s articles and applicable statutory requirements. The meeting then concluded.

About Triple Point Resources Ltd.
The Company owns the Fischell’s Brook Salt Dome mineral rights, Newfoundland & Labrador’s only known salt dome, and a total of 226 sq. km of mineral licenses prospective for salt on the west coast of Newfoundland. The Company is focused on building shareholder value, and will evaluate the timing and method of creating liquidity for Triple Point shareholders. The Company looks forward to updating shareholders on its progress in the near future.

 

For information with respect to Triple Point Resources Ltd., please contact:

John Anderson, Chairman
(604) 218-7400
janderson@triplepoint.ca

Julie Lemieux, CEO
(403) 554-1562
jlemieux@triplepoint.ca

 

 

 

 

 

 

St. John’s, Newfoundland and Labrador – September 6th, 2023 – Triple Point Resources Ltd. (“Triple Point” or the “Company”), a leading provider of clean energy underground storage solutions, congratulates the four wind/hydrogen developers that received Crown Land application approvals from the Government of Newfoundland and Labrador on August 30, 2023.

 Triple Point CEO, Julie Lemieux said, “We are excited to see this important advancement in the development of a world-class wind/hydrogen hub for the province. With Fischell’s Dome – the only proven salt dome on the east coast of North America able to store large volumes of hydrogen and support the electrical grid with compressed air – Triple Point can provide unique energy storage options to support the economics of these projects”.

As part of its Project Nujio’qonik GH2 Environmental Assessment Statement, World Energy GH2 is considering Fischell’s Dome as an energy storage technology that will provide a compressed air energy storage and back-up power supply solution. Fischell’s Dome is perfectly located outside of Stephenville, close deep-water ports. When developed, the Fischell’s Dome will offer safe, reliable, and affordable clean energy storage.

The ability to store vast quantities of hydrogen for months and provide electricity through compressed air technology using salt caverns is pivotal in the development of a green energy hub in Newfoundland and Labrador. Triple Point is now advancing the engineering of its first salt caverns to evaluate the timing and alignment with the aggressive schedules of proponents.

“We are committed to leveraging Fischell’s immense storage capacity for hydrogen and compressed air, helping address wind or grid irregularities” added Lemieux. “Fischell’s Dome will be able to store excess renewable energy when energy demand is low and it to generate energy when demand is high. The ability to supply energy when the wind blows too little or during maintenance of equipment, ensures constant delivery to de-risks off-take agreements.”

For inquiries or investor relations, please contact: 

Julie Lemieux
Chief Executive Officer
Email: jlemieux@triplepoint.ca
Phone: 709-214-5721 

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About Triple Point Resources Ltd. 

Triple Point Resources Ltd. is a Canadian based company focused on developing clean energy storage solutions for the growing hydrogen economy. The Company aims to provide safe, efficient, and cost-effective storage solutions for renewable energy sources. Triple Point is committed to working with local communities and stakeholders to promote sustainable development practices that benefit everyone. Triple Point is part of the transition to a sustainable energy future. Website 

Qualified Person 

Marty Henning, P.Geo, is the Qualified Person responsible for the technical contents of this news release as defined in National Instrument 43-101. 

Forward-Looking Statements
Certain information contained herein constitutes forward-looking information or statements (“forward looking statements”) under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will be”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward-looking. Such statements include that the Company’s sale dome assets are suitable for and can be commercially utilized for hydrogen storage, that demand for such storage will in the future exist at commercially viable levels, that expected capacity can be achieved, and that the Company will be successful in developing such project with the support of all stakeholders.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws. 

St. John’s, Newfoundland and Labrador – July 11, 2023 – Triple Point Resources Ltd. (“Triple Point” or the “Company”), a leading provider of clean energy underground storage solutions, applauds the Government of Newfoundland and Labrador for advancing the province’s world-class wind and green hydrogen industry with the selection of developers that will proceed to the second phase of its Wind Crown Land process.  It also congratulates the companies that have been selected as part of this process.  Many of these multi-year, multi-billion-dollar projects will be the cornerstones to the development of Newfoundland and Labrador’s green hydrogen industry.

According to Triple Point CEO Julie Lemieux, this advancement is perfectly timed with recent news that Triple Point has validated the Fischell Salt Dome, located on the West Coast of Newfoundland, making this hydrogen storage solution the largest known salt dome on the East Coast of North America.

“We are ideally positioned near many of these future hydrogen developments with more than enough storage capacity to meet the storage needs of all the future hydrogen developers in Newfoundland and ‘Labrador,” explained Lemieux.

Triple Point Fischell Salt Dome Location

“The dome offers hydrogen developers significant storage potential to increase their export capacity and help address wind or grid irregularities to ensure constant delivery when the wind blows too much, too little or during maintenance of equipment. This solution is also substantially less expensive than above-ground industrial solutions – significantly improving the economics of major hydrogen developments. Fischell’s storage will support excess hydrogen production, increase a hydrogen project’s viability, and contribute to a stronger business model, while derisking off-take agreements.”

Triple Point will continue working with the newly confirmed proponents to complete initial engineering work and better understand the scale and timing requirements for the development of the Fischell Salt Dome project, ensuring seamless integration with the region’s renewable energy operations. The Company will also continue engaging with provincial stakeholders, local communities, and Indigenous People to maximize economic opportunities for the region.

Lemieux adds: “Fischell offers the province expanded hydrogen infrastructure and supports the creation of a clean energy hub on Canada’s east coast that will play a pivotal role in the world’s emerging hydrogen energy hub network.”

For inquiries or investor relations, please contact: 

Julie Lemieux
Chief Executive Officer
Email: jlemieux@triplepoint.ca 
Phone: 709-214-5721
Visit www.triplepoint.ca for more information

About Triple Point Resources Ltd.

Triple Point Resources Ltd. is a Canadian based company focused on developing clean energy storage solutions for the growing hydrogen economy. The Company aims to provide safe, efficient, and cost-effective storage solutions for renewable energy sources. Triple Point is committed to working with local communities and stakeholders to promote sustainable development practices that benefit everyone. Triple Point is part of the transition to a sustainable energy future. Website

Qualified Person
Marty Henning, P.Geo, is the Qualified Person responsible for the technical contents of this news release as defined in National Instrument 43-101.

Forward-Looking Statements
Certain information contained herein constitutes forward-looking information or statements (“forward-looking statements”) under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will be”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward-looking. Such statements include that the Company’s sale dome assets are suitable for and can be commercially utilized for hydrogen storage, that demand for such storage will in the future exist at commercially viable levels, that expected capacity can be achieved, and that the Company will be successful in developing such project with the support of all stakeholders.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.